AM Project: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
AM Project
Largest movements
- Cash -€28,448
down €28,448 (-22.2%), from €128,367 to €99,919
mainly Contributions, distributions and other (-€139,320) and Tax, wage and social debts (-€8,457)
- Receivables within one year +€7,632
up €7,632 (+36.6%), from €20,826 to €28,458
of which Trade receivables: +€9,042
- Tangible fixed assets -€5,907
down €5,907 (-44.4%), from €13,303 to €7,396
- Reserves -€126,256
down €126,256 (-67.8%), from €186,127 to €59,871
- Other debts +€114,010
up €114,010 (+988.4%), from €11,535 to €125,545
- Tax, wage and social debts -€8,457
down €8,457 (-67.4%), from €12,542 to €4,085
of which Taxes: -€6,259
- Trade debts -€6,020
down €6,020 (-82.6%), from €7,292 to €1,272
- Gross operating margin -€2,535
down €2,535 (-8.7%), from €29,128 to €26,593
- Taxes +€440
up €440 (+7.3%), from €6,051 to €6,492
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €237,497 | €210,774 | -€26,723 | -11.3% |
| Fixed assets | 21/28 | €88,303 | €82,396 | -€5,907 | -6.7% |
| Tangible fixed assets | 22/27 | €13,303 | €7,396 | -€5,907 | -44.4% |
| Furniture and vehicles | 24 | €13,303 | €7,396 | -€5,907 | -44.4% |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €149,193 | €128,378 | -€20,816 | -14.0% |
| Amounts receivable within one year | 40/41 | €20,826 | €28,458 | +€7,632 | +36.6% |
| Trade receivables | 40 | €18,183 | €27,225 | +€9,042 | +49.7% |
| Other amounts receivable | 41 | €2,644 | €1,233 | -€1,410 | -53.3% |
| Cash at bank and in hand | 54/58 | €128,367 | €99,919 | -€28,448 | -22.2% |
| Total equity and liabilities | 10/49 | €237,497 | €210,774 | -€26,723 | -11.3% |
| Equity | 10/15 | €206,127 | €79,871 | -€126,256 | -61.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €186,127 | €59,871 | -€126,256 | -67.8% |
| Distributable reserves | 133 | €186,127 | €59,871 | -€126,256 | -67.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €31,369 | €130,903 | +€99,533 | +317.3% |
| Amounts payable within one year | 42/48 | €31,369 | €130,903 | +€99,533 | +317.3% |
| Trade debts | 44 | €7,292 | €1,272 | -€6,020 | -82.6% |
| Suppliers | 440/4 | €7,292 | €1,272 | -€6,020 | -82.6% |
| Taxes, remuneration and social security | 45 | €12,542 | €4,085 | -€8,457 | -67.4% |
| Taxes | 450/3 | €10,345 | €4,085 | -€6,259 | -60.5% |
| Remuneration and social security | 454/9 | €2,198 | €0 | -€2,198 | -100.0% |
| Other amounts payable | 47/48 | €11,535 | €125,545 | +€114,010 | +988.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,907 | €5,907 | = | 0.0% |
| Other operating charges | 640/8 | €1,128 | €1,090 | -€39 | -3.4% |
| Gross operating margin | 9900 | €29,128 | €26,593 | -€2,535 | -8.7% |
| Operating profit (loss) | 9901 | €22,093 | €19,596 | -€2,496 | -11.3% |
| Financial income | 75/76B | €10 | €0 | -€10 | -99.1% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -99.1% |
| Financial charges | 65/66B | €130 | €41 | -€89 | -68.4% |
| Recurring financial charges | 65 | €130 | €41 | -€89 | -68.4% |
| Profit (loss) for the period before taxes | 9903 | €21,973 | €19,555 | -€2,418 | -11.0% |
| Income taxes | 67/77 | €6,051 | €6,492 | +€440 | +7.3% |
| Profit (loss) for the period | 9904 | €15,922 | €13,064 | -€2,858 | -17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,922 | €13,064 | -€2,858 | -17.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.